Pipera residential area loses ground, CBRE finds

Newsroom 10/11/2008 | 16:27

According to a study conducted by the agency, Pipera first became known for its villas, but the rising cost of land made developers turn to apartment projects, with some blocks reaching as high as 10 levels. The real estate consultants say that of the already completed projects in the area several remain unsold at this time.
But even given this unsuccessful background and the lack of buyers, developers keep on announcing new residential projects in the area and maintaining high sales prices. In order to attract buyers, developers have already started to throw in various discounts and benefits, such as including the cost of a parking space in the overall property sale price, as in the case of projects such as the Italian company Emme Development Holding's Rovere Exclusive Concept and Ibiza Sol developed by Spanish Ibiza group. Other developers hope to tempt buyers by offering an already-equipped and furnished kitchen, as is the case at Insieme Residentiale project developed by Flavia Impex 2001.
According to CBRE Eurisko, sale prices in Pipera currently range from EUR 1,700 per sqm to EUR 2,500 per sqm for an apartment in a luxury project. The firm notes that while Pipera is described as a distinct residential area, it cannot be defined as a true luxury area since it has very poor infrastructure and a lack of privacy due to the high number of projects developed. Developers active in Pipera include the Romanian company Impact, the Turkish firm Plus Development with My Dream Residence project, Alf Company with Pipera Citylights, Geadel Consulting developing Mediteraneo and Ferco Development with Liziera.
Magda Purice

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